Iran raises July Light crude OSP to Asia, cuts prices elsewhere

Iran raised the official selling price (OSP) of its Iranian Light grade for Asian buyers by 35 cents to 85 cents a barrel above the Oman/Dubai average for July, an industry source with direct knowledge of the matter said.

Iran, however, dropped the grade’s price in three other regions, the source said.

The July OSP for Iranian Light crude to North West Europe was at $4.75 a barrel below BWAVE, the source said, down 35 cents from the previous month.

Iran also raised prices for heavier grades it sells to Asia, narrowing their price gap with similar Saudi Arab Medium crude by 5 cents a barrel.

Last month, Iran set June prices for Iranian Heavy and Forozan at the widest discount against Arab Medium since 2007-2008.

Iran has ramped up exports much faster than analysts had expected, using international tankers to help ship its oil.